Havells India (HVEL.BO): Management Meeting Takeaways from Citi India Consumption Tour

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Havells India (HVEL.BO): Management Meeting Takeaways from Citi India Consumption Tour

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18 Jun 2026 08:19:06 ET │ 12 pages

Havells India (HVEL.BO)

Management Meeting Takeaways from Citi India Consumption Tour

CITI’S TAKE

We hosted Havells management as part of our Citi India Consumption

Neutral Tour. Key takeaways: (a) room air conditioner (RAC) demand has been

Price (18 Jun 26 15:30) Rs1,195.95 mixed over the last 2-3 months, however, given a low base, growth going

forward should be strong; (b) fans as a category is less summer-sensitive Target price Rs1,500.00

than AC; non-fan categories are doing better; (c) Havells has stayed Expected share price return 25.4%

disciplined on Lloyd pricing/discounts despite competition, preferring Expected dividend yield 0.8%

margin discipline; (d) Cables & Wires growth continues to remain strong; Expected total return 26.3%

(e) the company is stepping up R&D/innovation and energy-transition Market Cap Rs750,532M

investments, including EV chargers, solar, EHV/solar cables, BESS and

US$7,924M commercial AC; (f) aims to deliver mid-teens revenue growth in the

medium-term and expects profit growth to outpace revenue growth.

Lloyd/RAC: AC is largely a peak-season category, with April and May being critical Ashish Kanodia, CFAAC

months; harsh weather conditions in June do not necessarily drive meaningful +91-22-6175-9805

demand as consumers often defer purchases to the next season/year. Channel ashish.kanodia@citi.com

inventory entering 1Q was normalized after the usual end-March channel filling.

However, April secondary did not play out as expected; May saw recovery in

secondary, but primary has not picked up meaningfully despite stronger offtake, as

dealers may not restock aggressively towards the end of the season. June has been